Tax on Bank of India Fixed Deposit
A Bank of India Tax Saving FD investment can result in annual tax savings of up to Rs. 1,50,000. Under Section 80C of the Income Tax Act, no other Bank of India FDs are eligible for tax savings.
It should be noted that the interest earned on a Bank of India Fixed Deposit is subject to income tax slab rates. Additionally, if Income from Bank of India FD above Rs. 40,000 per annum, the interest income is subject to a TDS of 10%.
The annual limit for senior citizens is Rs. 50,000. Additionally, the investor would be charged a 20% TDS rate if they neglect to give the bank their PAN Card data.
Bank of India (BOI) FD Interest Rates 2024
The Bank of India (BOI) is one of India’s oldest and most well-known nationalised banks. BOI’s headquarters are in Mumbai. It provides the necessary banking and financial services to both retail and corporate customers. The Bank of India is also a founding member of SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunications. SWIFT offers low-cost financial processing and communication services.
Bank of India provides its customers with a variety of FD options through which they can secure their investments and earn interest. Bank of India FD rates are often higher than savings account interest rates. Customers are permitted to deposit a specified amount while opening an account. Additional money deposits and withdrawals are not permitted during the current tenure.
Table of Content
- Bank of India (BOI) FD Rates 2024 (Less than ₹2 Crore)
- Bank of India (BOI) FD Interest Rates (₹2 Crore to ₹10 crore)
- Benefits of Bank of India (BOI) Fixed Deposit
- Types of Bank of India (BOI) FD Schemes
- How to Invest in Bank of India (BOI) FD?
- Eligibility to Open a Bank of India (BOI) FD Account
- Documents Required to Open Bank of India (BOI) FD
- Tax on Bank of India Fixed Deposit
- Loan Against Bank of India (BOI) FD
- Premature Closure of Bank of India (BOI) Fixed Deposit
- Frequently Asked Questions (FAQs)
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